Colorado B.S. Thread

Yepppppp it's honestly a complete shitshow. Nobody knows what's going on, the banks, the clients, the accountants. As soon as we figure out one thing, something else changes. Everyone has a different idea of what the terms mean. Which of to confused groups are you in?

 

Huh, good to know

 

I'm an accountant. Working on preparing these for all sorts of small businesses.

And yeah, complete shitshow is right. Lots of contradicting info on what constitutes payroll cost, which dates to use, what the hell the banks are going to do with them and when they'll accept them, etc. etc.

 

If its something you are considering, I would advise getting on it sooner rather than later. They have stated that there is a cap to the funds, but when it will be reached I have no idea. Also, the complete shitshow I previously mentioned makes it a total mystery about when funds will actually be disbursed (if ever).

 

Yay, the same group of confusion as me. The scary part is the banks I've consulted with over the past few days. They are more confused than we are. All they know is they are supposed to accept applications tomorrow, what they do with them, how they get the funds, how they approve the applications, etc., they have no idea. With all the vagueness and confusion I'm just advising clients to be reasonable with assumptions and be able to justify the numbers. That's about all we can do at this point with the loose contradicting guidance.

 

So as a single person LLC which program would I be aiming for?

 

It will depend on your income and if you have anyone on payroll. If it's just you, probably the EIDL. For a single member LLC the amount for the PPP will essentially be your business income, divided by 12, multiplied by 2.5. If you look at your 2019 tax return (if done), take line 31 on your schedule C, divide it by 12 to get your monthly payroll, then multiply that by 2.5. If that number is more than $10,000 you may be better off with the PPP. If not, I would just go with the EIDL.

Based on the confusion between the government, banks, and companies, I don't expect the PPP funds to be disbursed anytime in the near future. If you are considering doing the PPP I would also apply for the EIDL and do both. The 10k from the EIDL will come out of your forgiven PPP portion, but if the shit hits the fan and the PPP falls through you at least got the 10k.

 

Thanks

 

Pretty standard from what I have seen. If I was in your position I would at least apply for the EIDL. That program is run by the SBA and the funds are coming directly through the SBA. So I have more confidence in that program not getting screwed up. I get the lack of info. They basically had like 4 days to make the whole program, so there are going to be gaps. I expect more info to come out in the next week or so to clarify, I just don't want clients to be application number eight million something and never get the funds.

 

I usually dont get nervous but some of recent trends is madness. I saw this image post from someone residing in NC

 

I was talking to someone at Wells Fargo since they offer SBA- they said they got more SBA grant loans application than aggregate 5yr combined. I am not sure how organizations will catch up.

 

So how bout them Braves?

 

I bet they used fuel reward points.

 

Cheapest I ever paid was 72 cents in 99 in north GA.

 

https://www.gasbuddy.com/go/gas-price-drops-march-2020/

 

It’s defiantly been dropping. Right now it’s 1.29/gal at a few different stations in south parker.

 

No accidental levitation. Now perhaps it's unlikely but not impossible. I had an unpleasant interaction with 3 particularly daring juvenile mountain lions one night SW of Cameron Pass & having one jumping up on top of a 4Runner would be about as easy & tall as the surrounding outcroppings. It's profoundly disturbing to find yourself one link below the top of the food chain in the middle of the night.

Wha?

 

Well, if Banks can't find the funds I might put my mask on and go over and help they find it...

 

News just said that banks were given the "final guidance" last night on the Small Biz Gov't loans, 31 pages in length.

 

You must be younger than I thought. I remember my dad compaining when it went over $.50 in the 70s, and wasn't paying much more than that when I got my license in the 80s